RALEIGH, NC, February 27, 2024 /24-7PressRelease/ -- CAHEC, a leading community investment organization committed to fostering affordable housing and strengthening communities, has concluded another impactful year in 2023. Throughout the year, CAHEC worked tirelessly to address the critical need for affordable housing and to support various community initiatives.
In total, CAHEC raised an impressive $184 million in equity, leading to the successful closing of 16 properties, totaling 1,077 affordable housing units developed or preserved. This achievement underscores CAHEC's unwavering dedication to providing safe, stable, affordable housing options for those in need.
CAHEC continued its commitment to supporting community well-being through various grant programs and initiatives. In 2023, the organization awarded $136,000 in partner grants, including the Active Lifestyle and Rex Williams Grants, which promote health and wellness by funding exercise equipment and recreational facilities at affordable housing communities. CAHEC also dispersed $147,000 through its Foundation initiatives, encompassing disaster relief efforts, nutrition assistance and food distribution programs, a youth leadership program that sponsors summer camps for kids, and post-secondary scholarships. These initiatives reflect CAHEC's holistic approach to community development, addressing diverse needs and fostering resilience and opportunity among residents.
Moreover, CAHEC's commitment to community engagement was evident through its staff's dedication, as they collectively contributed 1,387 volunteer hours to local nonprofits serving their communities. CAHEC's President & CEO, Dana Boole, reflects on the achievements made in 2023 by stating, "While CAHEC has faced adversity these last few years - Covid, supply chain, and interest rate disruptions - our talented staff and market insight, along with the work of creative partners, has allowed us to continue making a material and positive impact. We pushed ourselves in furtherance of our vision - thriving communities with affordable housing and equitable opportunities for all – and it worked!" Looking ahead to 2024, CAHEC remains focused on building upon the momentum of its successes and continuing to positively impact the lives of individuals and communities across the region.
CAHEC is a community investment organization that strengthens communities by providing affordable housing and supportive service initiatives to residents in the Southeast and Mid-Atlantic regions. CAHEC engages in diverse product areas, including low-income housing tax credits, historic tax credits, new markets tax credits, and renewable energy credits. Additionally, CAHEC offers loan programs, wellness and education initiatives for residents, affordable housing development, and property management services. To learn more about their contributions to affordable housing and surrounding communities, visit CAHEC's website.
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